Now Reading: Sebi settlement collections plunge 86% as SAT overturns more orders
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Sebi settlement collections plunge 86% as SAT overturns more orders
Settlement collections at the Securities and Exchange Board of India (Sebi) crashed 86% to Rs 109.8 crore in FY26 from Rs 798.9 crore the previous year, its annual report shows. The number…
The Story in Brief
Settlement collections at the Securities and Exchange Board of India (Sebi) crashed 86% to Rs 109.8 crore in FY26 from Rs 798.9 crore the previous year, its annual report shows. The number of settlement applications also fell sharply to 439 from 703. Meanwhile, the Securities Appellate Tribunal (SAT) set aside 47 Sebi orders, more than double the 23 in FY25, and modified 88 orders against 42 earlier.
Fresh appeals to SAT declined to 429 from 533, but pending appeals grew to 1,066 from 960 as disposal could not keep pace. Sebi initiated fewer insider trading investigations (221 versus 287) but completed more (202). Adjudication proceedings slowed drastically: only 319 disposal orders covering 640 entities, compared with 962 covering 1,293 entities in FY25.
The Indian Opinion
The 86% drop in settlement collections and SAT's doubling of reversals will be spun as either Sebi going soft or the tribunal being activist. Neither captures the full picture. The regulator is investigating more front-running cases, and SAT mostly upholds violations but recalibrates penalties for proportionality. The real test: whether Sebi improves its evidentiary reasoning to reduce future reversals, or if pending appeals cross 1,200 by next March.
Sources (2): livemint.com, thehindubusinessline.com
This story was synthesised by AI from the 2 sources linked above.
Updated: this story now draws on 2 sources.
